MAA And Colonial Properties Trust Complete Merger

(RTTNews) - Real estate investment trusts Mid-America Apartment Communities Inc. or MAA (MAA) and Colonial Properties Trust (CLP) announced the completion of the merger of the two companies, forming a combined company with equity market capitalization of about $4.9 billion and a total market capitalization of about $8.3 billion.

They said that the combined company, headquartered in Memphis, TN, will retain the MAA name and will trade under the existing ticker symbol "MAA" on the New York Stock Exchange.

Effective with the close of the market today, Colonial Properties Trust common shares will no longer be traded on the New York Stock Exchange.

As a result of the merger, each former Colonial Properties Trust common share has been converted into 0.36 of a newly issued MAA common share. Former Colonial Properties Trust shareholders hold about 44 percent of the combined company's equity, with continuing MAA shareholders holding about 56 percent of the combined company.

The companies said that Thomas Lowder, former Chairman of the Board and CEO of Colonial Properties Trust, James Lowder, Claude Nielsen, Harold Ripps and John Spiegel, all former Trustees of Colonial Properties Trust, have joined MAA's Board of Directors. Alan Graf, Jr. and Ralph Horn, Co-Lead Independent Directors for MAA, will serve as Co-Lead Independent Directors for the combined company.

Eric Bolton, Jr., MAA's CEO and Chairman of the Board of Directors, will serve as CEO and Chairman of the Board of Directors of the combined company. Albert Campbell, III, MAA's CFO, will serve as CFO of the combined company, and Thomas Grimes, Jr., MAA's COO, will serve as COO of the combined company.

Donald Aldridge will serve as Director of Acquisitions and Dispositions for the combined company. Edward Wright, former Executive Vice President of Multifamily Development for Colonial Properties Trust, will serve as Executive Vice President of Development and Capital Projects for the combined company and Robert DelPriore, formerly of Baker, Donelson, Bearman, Caldwell & Berkowitz, PC, will serve as Executive Vice President and General Counsel for the combined company.

Due to the timing of the closing of the merger on October 1, 2013, the financial reporting from the combined company for the three- and nine-month periods ended September 30, 2013 will consist only of MAA results and will not include Colonial Properties Trusts' results for the periods prior to the closing of the merger. MAA said it does expect to provide fourth quarter guidance when it reports third quarter results.

On September 30, 2013, MAA announced that its Board has declared its third quarter dividend of $0.695 per common share, payable on October 31, 2013, to stockholders of record of the combined company on October 15, 2013.

In early June 2013, MAA and Colonial Properties Trust announced a definitive agreement for the companies to merge, creating a Sunbelt-focused, publicly traded, multifamily REIT.